Hong Kong hits ‘new highs’ in start-up numbers, foreign and mainland firms: ChanThe number of foreign and mainland Chinese firms, as well as start-ups, in Hong Kong has “reached new highs” this year, the finance chief has said, pledging that the city will further help businesses across the border “go global” and attract foreign investment.Financial Secretary Paul Chan Mo-po revealed the development at a business conference on Wednesday amid government efforts to attract companies to Hong Kong while grappling with a deficit projected to double to an estimated HK$100 billion.Chan told the audience of businesspeople and mainland officials that recent rankings affirmed that Hong Kong’s competitiveness was “widely recognised internationally”, adding that more enterprises were arriving in the city.“In 2024, the number of foreign and mainland companies in Hong Kong and the number of start-ups have reached new highs, demonstrating that Hong Kong is an ideal location for companies setting up and expanding their businesses,” Chan said in his speech.Last year, 9,039 companies with parent firms outside the city operated in Hong Kong, 24 per cent of which were from the mainland. That was followed by companies from Japan, the US, UK and Singapore, according to official figures.In the first six months this year, more than 320 mainland and overseas companies set up or expanded their operations in the city.The local start-up scene also flourished, with a record high of 4,257 firms last year, according to a survey.Chan said he had noted many companies had been building their industrial and supply chains in Southeast Asia, the Middle East and other countries, and pointed to Hong Kong’s role as a “superconnector” between mainland businesses and overseas markets.Chan said the city would continue to promote the development of the Greater Bay Area, creating a more favourable business environment and greater opportunities via financial, innovation and technology aspects, as well as trade.He again urged overseas companies to establish bases in Hong Kong, and use the bay area as a base to explore international markets.The bay area refers to Beijing’s ambitious drive to integrate Hong Kong, Macau and nine cities in Guangdong province into an economic powerhouse by 2035.Wednesday’s event, “The Second Business Conference on the Greater Bay Area Development”, was jointly organised by authorities in Hong Kong, Macau and Guangdong, alongside a mainland global trade promotion body.Deputy Secretary for Justice Horace Cheung Kwok-kwan and Zhang Shaogang, vice-chairman of the China Council for the Promotion of International Trade, signed a memorandum of understanding to promote cross-border trade and investment, in addition to supporting the mainland’s “foreign-related rule of law development”.Chief Executive John Lee Ka-chiu, who spoke at the event before departing for Beijing for his annual duty visit, said the city should use its professional services sector and collaborate with Macau and its counterparts on the mainland to boost the international competitiveness of the bay area’s port cluster.“[Hong Kong] is an active participant, promoter and beneficiary of the development of the Greater Bay Area,” Lee said.“We will make good use of Hong Kong’s professional maritime services and work with the mainland and Macau to enhance the international competitiveness of the Greater Bay Area port cluster.”Lee also touched on the recent resumption of multi-entry visas for Shenzhen residents visiting Hong Kong, saying the policy had “further injected strong momentum” into the city’s tourism, catering and retail industries.Central authorities earlier relaunched and updated visa arrangements, allowing more than 10 million Shenzhen residents to make unlimited trips to Hong Kong over a year, with each visit limited to seven days at a time.The country would continue to build a first-class business environment, implement measures to lift market access restrictions on foreign investment in the manufacturing sector and accelerate the opening up of service sectors so overseas companies would be more willing to “take root, win and earn money in China”, he said.https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3290287/john-lee-calls-hong-kong-greater-bay-area-promoter-city-signs-investment-deal (ICE HONG KONG)

Fonte notizia: South China Morning Post